The specific audit objective accounts payable are liabilities of the entity at the end of the reporting

Question:

The specific audit objective “accounts payable are liabilities of the entity at the end of the reporting period” is derived from the:

a. existence or occurrence assertion.

b. completeness assertion.

c. accuracy, valuation, and allocation assertion.

d. rights and obligations assertion.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Auditing A Practical Approach

ISBN: 9781119709497

4th Canadian Edition

Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton, Valerie Warren

See More Books

Question Posted: Feb 27, 2024 03:11 AM

See More Questions

The following (1 through 17) are the balance- related, transaction-related, and presentation- and disclosure- related audit objectives. REQUIRED Identify the specific audit objective (1-17) that each...
1. The specific audit objective for the audit of investments, investment revenues, and realized and unrealized gains and losses, are reported at proper amounts, relates to the: a) Completeness...
The following (1 through 18) are the balance-related, transaction-related, and presentation and disclosure related audit objectives. Balance-Related Audit Objectives 1. Existence 2. Completeness 3....
In what significant way do financial audits in government and not-for-profit organizations differ from those carried on in businesses? Your answer should also address the purpose of performance...
Sandia Corporation manufactures metal toolboxes. It adds all materials at the beginning of the manufacturing process. The company has provided the following information: 1 & 2. Using the...
A bond has a $1,000 par value, 10 years to maturity, and a 7% annual coupon and sells for $985. a. What is its yield to maturity (YTM)? b. Assume that the yield to maturity remains constant for the...
Use at least two different methodologies to develop as accurate a forecast for the demand as possible. Use each of those methods to project the next four months demand. LO.1
What are some of the major reasons for the rapid expansion in international mergers and joint ventures of firms?
Alternate Problem E17-24 (algo) Qu The assembly division of Gannett Watches, Inc. uses the weighted average method of process costing. Consider the following data for the month of May 2017: E (Click...
Segregation of the functions of payroll and personnel do all of the following except: a. reduce the risk of payments to fictitious employees. b. reduce the risk of payments to terminated employees....
The worksheet you completed for the case study question in chapter 8 includes your estimates of the overall risk assessment (ORA) and the acceptable detection risk (DR) in the sales to cash receipts...
Youre an automotive engineer charged with evaluating safety glass, which is made by bonding a layer of flexible plastic between two layers of glass, thus eliminating dangerous glass fragments during...
Given the following memory status below, compute how much does it cost to compact holes together with the following compaction strategies if 1 kbyte of movement costs 50 centavos. 0. OS OS OS OS OS...
ITG Pte Ltd ("ITG") is a company specialising in air-conditioner maintenance and servicing. It makes adjusting and closing entries every 31 December, which is the company's financial year-end. Unless...
(20 points) We know that when we have a graph with negative edge costs, Dijkstra's algo rithm is not guaranteed to work. (a) Does Dijkstra's algorithm ever work when some of the edge costs are...
Create a new user called cis605_usr. Use Master. assign a password of abcd, set check_policy to off and check_expiration to off (Why set these two to off?). Execute the sp_addsrvrolemember to add the...
Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to the ending inventory using FIFO. Date Units...
Read the following excerpt, and using what you have learned in this chapter, discuss how offshoring creates opportunities for the countries involved. Sudhakar Shenoy, chief executive of Information...
Select the correct answer for each of the following questions. 1. On December 31, 20X3, Saxe Corporation was merged into Poe Corporation. In the business combination, Poe issued 200,000 shares of its...
North West Paper Ltd. (North West) provides cardboard, paper, and plastic packaging materials to a large number of manufacturers and distributors in all provinces. The cardboard and paper division is...
Mathieu has the task of reviewing the evidence from analytical procedures conducted by the audit juniors on the audit of Soleil Services Ltd. The audit juniors have reported the results of these...
Mathieu has the task of reviewing the evidence from analytical procedures conducted by the audit juniors on the audit of Soleil Services Ltd. The audit juniors have reported the results of these...
ABC company makes turbo-encabulators, customized to satisfy each customers order. They split overhead into five pools, each with its own activity driver (direct labor for manufacturing, direct labor...
Variable manufacturing overhead becomes part of a unit's cost when variable costing is used.Group of answer choicesTrueFalse
Santa Fe Corporation has computed the following unit costs for the year just ended:Direct Material used $23Direct Labor $18Fixed selling and administrative cost $18Variable manufacturing overhead...

The specific audit objective accounts payable are liabilities of the entity at the end of the reporting

Question:

Step by Step Answer:

The specific audit objective accounts payable are ...View the full answer

Auditing A Practical Approach

Students also viewed these Business questions